Turkey Regulator Demands Bank Asya Information Before Sukuks (1)

Bank Asya
Bank Asya


Date posted: April 25, 2014

ISTANBUL

Asya Katilim Bankasi AS (ASYAB), the Turkish lender in partnership talks with Qatar Islamic Bank, must ask the regulator for permission to issue further sukuk under a 1.25 billion-lira ($587 million) debt program.

Turkey’s Capital Markets Board has asked to be informed of future issues, Cengiz Onder, head of investor relations at Bank Asya, said in a phone interview today from Istanbul. An official at the board, asking not to be named under government policy, said it’s seeking further documentation from Bank Asya before sales can resume, without giving further comment.

The lender is a member of the Tuskon business group, representing companies whose executives sympathize with U.S.- based cleric Fethullah Gulen. Prime Minister Recep Tayyip Erdogan says Gulen’s followers are behind corruption allegations from December. Turkish newspaper Sabah reported today that the Capital Markets Board has stopped Bank Asya from issuing sukuk debt, without saying where it got the information.

Bank Asya has sold 550 million liras in sukuk debt in small amounts with short maturities, and the Sabah story was based on false “speculation” that it was being blocked from issuing more, Onder said. The bank’s core focus will be on attracting deposits, he said.

In the six weeks after the corruption allegations became public, Bank Asya fell more than any other company on the benchmark XU100 index. The bank’s share price then climbed the most in 6 years after news of talks with QIB emerged last month.

Source: Bloomberg , April 24, 2014


Related News

Art exhibition tells story of deficiency

Housed inside the building of APCO Worldwide, an independent communications consultancy firm, the art exhibition consists of 19 photographs taken by volunteers who participated in Kimse Yok Mu initiatives around the world, including in Afghanistan, Bangladesh, Indonesia, Kenya, Nigeria, Pakistan, the Philippines, Somalia and Sudan. The exhibition will be open until Feb. 16.

Peruvian congress members speak about sociopolitical issues at PII in New York

Considering the recent developments in Turkey, many could find significant similarities between Turkey’s challenges with democratic transition and Latin American politics.

Prove it [that Hizmet linked to graft operation]

There are some people who fail to look at the charges that have been leveled against the detainees in the corruption operation that has touched the sons of three ministers and instead they just speculate about the timing and forces that prompted the operation.

Gülen lawyers file complaint against prosecutors over wrongful probe

Lawyers representing Islamic scholar Fethullah Gülen have filed a complaint against two İstanbul prosecutors who are conducting an investigation into their client, accusing them of violating procedural rules in the manner the probe is being conducted. The prosecutors have also lied on many occasions in writing, according to Gülen’s lawyers, who say that the prosecutors […]

Opposition CHP to take Gül-approved dershane law to Constitutional Court

The main opposition Republican People’s Party (CHP) is preparing to take a controversial law closing Turkey’s dershanes, or private preparatory schools, to the Constitutional Court, the party said a day after President Abdullah Gül signed the bill into law on Wednesday.

Where does Gülen stand on: democracy, human rights, and minorities?

Gülen recognizes democracy as the only viable political system of governance. He denounces turning religion into a political ideology, while encouraging all citizens to take an informed and responsible part in political life of their country. He stresses the flexibilities in the Islamic principles relating to governance and their compatibility with a true democracy.

Latest News

Turkish inmate jailed over alleged Gülen links dies of heart attack in prison

Message of Condemnation and Condolences for Mass Shooting at Bondi Beach, Sydney

Media executive Hidayet Karaca marks 11th year in prison over alleged links to Gülen movement

ECtHR faults Turkey for convictions of 2,420 applicants over Gülen links in follow-up to 2023 judgment

New Book Exposes Erdoğan’s “Civil Death Project” Targeting the Hizmet Movement

European Human Rights Treaty Faces Legal And Political Tests

ECtHR rejects Turkey’s appeal, clearing path for retrials in Gülen-linked cases

Erdoğan’s Civil Death Project’ : The ‘politicide’ spanning more than a decade

Fethullah Gülen’s Vision and the Purpose of Hizmet

In Case You Missed It

African firms signal increased trade at TUSKON meeting

Gülen’s lawyers refute justice minister’s statement likening Gülen to Iran’s Khomeini

Corruption probe [in Turkey]

AK Party gov’t behind anti-Hizmet declaration, leaked recordings allege

Turkey sees unprecedented pressure on media since Dec. 14 operation

Students from Turkish Schools in Thailand Visited the Minister of Trade at His Home

Dialogue and Friendship Dinner in Portland, Oregon

Copyright 2026 Hizmet News